Waco, TX – June 19, 2017 – As the saying goes, two are better than one; NeighborWorks Waco is blessed to have found a partner like Extraco Banks! After many years of imagining, visioning, dreaming, and creating alongside NeighborWorks Waco, Extraco Banks has developed a mortgage loan product to be a perfect fit for many of our clients and the clients of similar organizations.
“Extraco Banks is pleased to announce their Community Partnership with NeighborWorks Waco has helped five families achieve the American Dream of owning a home through the launch of Extraco’s Solution Home Loan as of February 2017. Through educational courses, such as the Homebuyers Education and Financial Literacy classes, more and more families are able to make educated purchases with real expectations of the homebuying process.”
One of those lucky families is Mr. Michael Banks, Ms. Kimberly Wright, and their four beautiful children! They attended our Homebuyer Education Workshop last year and spent the next seven months in our program, repairing and establishing credit and preparing themselves to be qualified, informed homeowners. Extraco Banks values education; one of the principles of their loan product is their confidence in the success of the educated client. Studies show NeighborWorks America participants — both first-time homebuyers and repeat buyers — are one-third less likely to become 90 or more days delinquent during the two years after they obtained their loans.*
Extraco Banks was able to offer our new homeowners a fixed-rate mortgage requiring only $500 down! Kimberly and Michael were ecstatic about their options, their loan product, and their home!
*Neil S. Mayer and Kenneth Temkin. 2013. “Pre-Purchase Counseling Impacts on Mortgage Performance: Empirical Analysis of NeighborWorks America’s Experience,” NeighborWorks America.